Forex Day Trader's Thread

[N Rothschild]

i think alot of thursdays rally was short covering in bank stocks

 

[Pippy5000]

I gave you peace Ridd by killing my wide chart.. but I'm posting a new one..

See how a cross from negative to positive or positive to negative on the daily CCI charts would have produced huge profits 7 out of 10 times.. Even the 3 times it was wrong it still produced about 100 pips in profit in two of those cases before dying.. Only once was it a total dud.. I think this is very powerful information.

Just calculate how you make with a 200 pip stop on these 10 trades..

 

[N Rothschild]

what would be the exit strategy tho? looks interesting

 

[Pippy5000]

Here's something even better on EUR/JPY .. 100% of them time when the CCI reading goes from negative to postive or positive to negative and then QUICKLY REVERSES there is a big move upward or downward about to happen.. This is important because on the EUR/JPY dailies CCI just turned negative.. If it turns positive again by Tuesday you should go long EUR/JPY because it has a history of jumping way up in this situation.


SEE.. it will barely cross over the line and then jump back to the side of the line it just came from and then BOOM!

 

[Pippy5000]

Well, oscillators or trend measurement tools can tell you when to sell..

 

[N Rothschild]

checked on a few markets, seems a touch of the bolinger band would be a good exit on all time frames

 

[Pippy5000]

You would make money using bands to sell.. This whole thing is exciting .. I'd love to see EUR/JPY recross positive and test this out..

 

[N Rothschild]

well gbpusd is heading for a negative cross and we have this huge box play setting up! could be a good time to test it out

 

[Pippy5000]

Just normal crosses seem to work beautifully with Cable.. Also, crossing and then failing to recross seems to be devastating as well..

 

[N Rothschild]

whats the weather like in texas today then?

 

[Pippy5000]

It's been very mild.. the temp is 20.77 Celsius.. There are wildflowers everywhere currently.. Flower seeds are spread by the state government and the bluebonnets are in bloom. I really like it here. I live in big pine forest.

I wonder which other indicators could be used to compliment CCI and refine the accuracy percentage? I have heard that certain similar indicators should only be used if the price is trading above or below the EMA.

 

[N Rothschild]

looking at the hourly dow , a possible play is entering on the cross of 0 + or - then holding untill an overbought/oversold on the rsi!

 

[N Rothschild]

i think alot of the time without hindsite you would just get chopped to death if the market is range bound

 

[tripleogstar]

I think USD is set for a big rally soon, as a result of risk aversion. The equities market should start to come back to reality and get back to testing new lows. Goldman Sachs is planning on selling shares to raise the capital to repay TARP funds and it is something other banks are going to follow. This is negative news for the shares of those companies. You also have inflation figures in the U.S, and I personally believe they will be higher than expected, partly due to the fact that oil prices have creapt up over the past month. This will add some strength to the dollar. I think GBP and EUR may have a small rally against USD on Monday, but Tuesday we shud see a correction. USD has been sold off recently, it is set to bounce back. Europe is screwed, and the euro is likely to get smashed, their rate cuts are too little too late and they are only now realizing how f***ed they are. I believe the market shares this view and will all be selling euros

 

[N Rothschild]

i agree with u re equities and as you say will cause the dollar to rally

 

[Pippy5000]

Check out on the chart .. Look what happens when a new low in the price is made yet the CCI continues to climb higher. There is a huge jump in the following days.

I've also pointed out that the candlesticks really only went wrong once and the moves were pretty juicy on the winners.

 

[N Rothschild]

weekly chart of the pound, pretty basic pull back to the 21ema

 

[Pippy5000]

Most of the candlestick trades on EUR/JPY are pure gold and super easy to spot. The majority immediately go on to produce huge profits the very next day. You can be wrong or get chopped out, but using a 100 pip stop loss and being right 50% of the time produces more than 200 pips per trade including the losses. The candlesticks since November are right more than 50% of the time without there even being any drawdown at all.

 

[N Rothschild]

why do you like eurjpy so much?

 

[Pippy5000]

low spreads and tons of movement..